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I would only add this: Making excuses for problems largely created by ones self is crazy. People love to talk about predatory lending and such. That brokers or lenders CONVINCED them to do this or that… What ever happened to grown ups taking responsibility for their own actions? If anyone ever took the time to actually READ the documents put in front of them for a mortgage, all of this would not be an issue. You’d be amazed at the things those papers disclose — all sorts of stuff about how you interest rate can change greatly in ARMs, and how past performance of real estate markets is no guarantee of future performance. Gee — almost all of the things people complain no one told them! The State of VA actually audits lenders on closed loan files to make sure they DID actually disclose this stuff. Hmmmmmm….

And Murphy’s numbers are laughable. Where on earth did you get your 40% data? That is sooooo far off. If you used this to quote your data http://www.responsiblelending.org/pdfs/snapshot-of-the-subprime-market.pdf
you aren’t reading it right. It says 40% of all loans made to Hispanics were subprime in nature — not that 40% of all subprime loans were TO Hispanics. Big Difference.

And how did Lending Tree become so high class? Does anyone even understand what Lending Tree is? It is a lead seller — that’s all. They run the website and sell contact info for people who want mortgages to lender or broker with enough money to buy those leads – since when is that the definition of reputable? Lending Tree couldn’t care LESS who they sell them to, as long as you can pay them for the info.

Lots of people want to play the victim when they make bad decisions. Seems to me these are the same types that sue McDonalds because they weigh 400 pounds, and sue RJ Reynolds when they get some lung disorder. Not to sound like John Stossel, but give me a break.

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they should be vilified as the cause of a worldwide recession and the destruction of the retirement plans for millions of honest investors.

Yes, I’m sure that’s why they paid a coyote $4000 and wandered through the desert — to ruin your dad’s retirement plan. I’m sure it had nothing to do with the corporate CEOs and lawyers that drafted NAFTA, or the fact that there are no good jobs to be had where they live.

Are you a lender, Murphy? An economist? Well, Deb is an economist, and John is a lender, so you’re out of your element here. Look back through the above comments and see what John and Deb have written. John wrote, “And believe it or not, illegal immigrants are much more successful at paying their mortgages on time than non-illegals. They are probably the smallest part of the mortgage mess.”

I’m a filmmaker who spent a year studying illegal immigration.

With what authority do you speak, Murphy? Where’s your ethos?

Of course, most of our political leaders are in denial because of their support for open borders

Name some political leaders who are actually in support of open borders.

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Instead of seeing these people as victims, they should be vilified as the cause of a worldwide recession and the destruction of the retirement plans for millions of honest investors. Of course, most of our political leaders are in denial because of their support for open borders, prefering instead to blame investors and lenders for the mess. As a result, the problem will never get resolved.

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But that didn’t stop newspapers from writing stories about it:

Three small cities not in Northern Virginia also have large Hispanic populations: Galax (14 percent), Harrisonburg (13 percent) and Winchester (11 percent).

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We’ll see what happens in the coming 2 quarters as personal financial reserves are strained. Many people simply paid far too much for their home, but can’t afford to wait out the bad market. Soon, their choices will be between bad, and worse. It is going to get very ugly.

Have you seen the S&P report giving a negative rating to something like $500billion in credit-based investment vehicles. This tells me that Standard & Poors can’t see the bottom, but suspect that it is way deep. There is about to be a increase in credit defaults.

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